How to Teach Your Teen About Money Matters and Build Financial Literacy with These 2 Tips
Introduction:
keywords: financial literacy, teenage finances, saving money, budgeting basics
Develop a plan for teaching your teen about money matters
Help your teenager develop the right habits from the start
keywords: shopping habits, credit cards
Make Budgeting a priority for your teen
keywords: how to save money, saving goals) 4.Give them access to appropriate debit or credit card accounts with limited spending power (
💡 Disclosure: Information in this post of from the authors point of view, experience and advise to the reader.
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Financial Friday Tips- Turn your Teen into a Money Gurus
TIP 1:
What are the best ways to teach kids about money?
keywords: how to teach kids, teach about money, financial education)
As a parent I struggled with teaching my kids about Money. Even as an Accountant. But one day i brought my twins daughters to work with me one day and they made a comment that changed my perspective. One said “You dont look like you do much behind that desk”
That comment made me realize that I have to teach them what I do for a living in a smaller version. So right there and then I thought. I will teach them to be my personal financial bookkeepers. I also thought, they need to turn their hobby into a business.
I dont know if there’s a best way, but what I do know there’s different ways.
Depending on your kids age. I’d start them with budgeting the groceries.
TIP: 2
The Dos and Don'ts of Teaching Financial Literacy to Kids
keywords: financial literacy for kids, teach kids about money, financial education for K-12 students)
I had to really do some self reflection to answer this question. I realized that my Kids had an idea about money, but didnt have a relationship with money. My twins were innocent and dont have money trauma like I did. (which i will write about in another post)
ALL kids think about is “How they can spend it” and ALL adults think about how to make $$$ and how to save $$.
With my twins i knew i had to blend the triangle. Spending, Saving and Making Money. I knew i had to bring them to the drawing board of crafting a budget plan for our home. If were going to take control of our finance. Kids need to know How much things cost. Inflation goes up every year!!
I remember the first time i included them to the budgeting process. One commented. “we’re not as poor as I thought” Kids comments are always surprising
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